This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Resolute Officially Inaugurates Power Island Producing Green Energy At Thunder Bay Pulp And Paper Operation

MONTREAL, May 14, 2013 /PRNewswire/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today officially inaugurated a major power island producing green energy at its pulp and paper operation located in Thunder Bay, Ontario. The power island includes a refurbished and upgraded woodwaste boiler and a new 65-megawatt condensing turbine. Approved by Resolute in early 2011, the C$65 million project took just over 21 months to complete.

"The power island is a strategic addition to Resolute's Thunder Bay facility," stated Richard Garneau, President and Chief Executive Officer. "It will reduce the mill's energy costs as well as maximize our local woodlands, sawmill, pulp and paper, and energy operations by fully utilizing forest-based biomass to produce green electricity."

The green power produced will be sold to the Ontario grid under a power purchase agreement between Resolute and the Ontario Power Authority.

To mark the inauguration, a ceremonial "throwing of the switch" was held earlier today involving key Company and government representatives. Richard Garneau and Resolute Chairman of the Board Richard B. Evans were joined by a number of government dignitaries, including:  Ontario Minister of Northern Development and Mines and MPP, Thunder Bay-Superior North, the Honourable Michael Gravelle; Member of Provincial Parliament for Thunder-Bay-Atikokan Bill Mauro; and Mayor of Thunder Bay Keith Hobbs. Resolute employees and local community leaders also attended the event. The project received support from the Ontario Government's Forest Sector Prosperity Fund, as well as from the Federal Government's Pulp and Paper Green Transformation Program.

"This project is consistent with Resolute's focus on optimizing our network to reduce costs as well as investing in projects that improve our competitive position and are aligned with a sustainable future," added Garneau.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs